Abstract
The article is devoted to solving the problem of financial and investment support of the innovative model of economic growth of the Republic of Kazakhstan through the improvement of the mechanism and diversification of sources of financing of this process, taking into account world experience. In the course of the analysis, it was revealed that the main factors hindering the increase in innovative activity of companies are: the high cost of innovations, insufficient own financial resources and unacceptable financing and lending conditions. In this regard, the problems of improving the mechanism and diversification of sources of financing investments in innovation are key for Kazakhstan. The analysis of the state of innovation activity of Kazakhstani companies, the structure and dynamics of changes in sources of financing for research and development (R&D) in 2015-2020 in the Republic of Kazakhstan showed that, in general, the volume of investments in fixed assets of industry, and, in particular, the introduction of innovations and new technologies is unacceptably small. In addition, the structure of internal R&D costs and the structure of investments in innovation, carried out at the expense of the state and private investors, is imperfect. In this regard, measures are proposed to financially stimulate the introduction of innovations into production, improve the mechanism and diversify the sources of innovation financing, taking into account world experience.